Bristol Myers Wraps RayzeBio Tender Offer with 86% of Shares

Dow Jones02-23

By Dean Seal

Bristol Myers Squibb said its tender offer to acquire outstanding shares of RayzeBio at $62.50 apiece expired last night with it holding about 86% of the company's outstanding shares.

The biopharmaceutical company agreed in December to acquire the RayzeBio for $4.1 billion in a deal that came together just months after the startup went public and as at least two other companies were vying to acquire it.

RayzeBio develops radiopharmaceutical drugs for cancer treatments. Its shares were trading around $30.57 when the company agreed to the Bristol Myers acquisition at $62.50 a share in cash.

The two companies now expect the deal to close on Feb. 26.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

February 23, 2024 07:19 ET (12:19 GMT)

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